UniCredit innovates with first NPL lease securitization

UniCredit has structured the first non-performing real estate lease securitization in Italy, disposing of part of its leasing business in order to navigate complex legal challenges around managing repossessed properties.
The bank’s new innovation involves a €1.58bn NPL lease securitization — the first of its kind — named Project Relais.
The leases are secured on a number of industrial properties across Italy, but the leaseholders are primarily small, single-person businesses, such as a dentist with a home office. ...Already a subscriber? Login